Singapore:Insurer offers additional support for SME customers

AXA Insurance has announced a new initiative aimed at supporting corporate customers, particularly SMEs, who may be impacted by the COVID-19 pandemic.

New and existing ‘AXA SmartPlan’ customers will receive an additional month of complimentary insurance coverage for their annual policy upon renewal or new enrolment from 1 June until 31 August. They will also be offered the option to pay for premiums by monthly interest-free instalments instead of paying a lump sum premium for the entire policy period at the start. This is expected to help them to ease their cash flow possibly while maintaining their business insurance protection.

SMEs who may have cash flow concerns also have the option to increase the deductible or co-pay amount borne by them, which will reduce their premium while ensuring they receive the coverage they need. “SMEs are a growth driver of Singapore’s economy, but many are underinsured or even uninsured against business risks. We understand that this is a particularly challenging and uncertain time for many,” said AXA Insurance commercial lines managing director Kevin Leong.

‘AXA SmartPlan’ caters to a wide range of business types including office, retail, food and beverage and clinics. It provides SMEs protection to support their business needs including the following coverage which may be particularly relevant in the current COVID-19 environment:

• Property protection – offering SMEs complimentary coverage of up to S$5,000 ($3,601) for equipment, which can be topped-up if more comprehensive protection is required.

• Protection against public liability – providing SMEs complimentary food-poisoning cover, of up to of up to S$500,000, which can be topped-up if more comprehensive protection is required.

• Protection for employees – providing coverage for any claims, legal costs and expenses incurred as a result of employees’ work accidents or illnesses, including COVID-19 arising from and in the course of work. It also provides coverage for scenarios not compensable under the ‘Work Injury Compensation Act’.

Source: Asia Insurance Review